By William Gullotti
Buffalo, N.Y., March 21 – Credit Suisse AG, London Branch priced $3.23 million of contingent coupon buffered autocallable yield notes due March 23, 2023 linked to the VanEck Oil Services ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 19.5% if the ETF closes at or above its 80% coupon barrier on the related quarterly observation date.
The notes will be called at par plus the coupon if the ETF closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus the final coupon if the ETF finishes at or above its 80% buffer level.
Otherwise, investors will lose 1.25% for each 1% decline beyond the 20% buffer, payable as a number of shares equal to $10,000 divided by the ETF’s buffer level or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon buffered autocallable yield notes
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| Underlying fund: | VanEck Oil Services ETF
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| Amount: | $3.23 million
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| Maturity: | March 23, 2023
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| Coupon: | 19.5% annualized, payable quarterly if the ETF closes at or above its coupon barrier on related quarterly observation date
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| Price: | Par of $10,000
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| Payout at maturity: | Par plus final coupon unless the ETF falls by more than 20%; otherwise, lose 1.25% for every 1% decline below buffer level, payable as a number of shares equal to $10,000 divided by the ETF’s buffer level or, at the issuer’s option, the cash equivalent
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| Call: | At par plus coupon if the ETF closes at or above initial level on any quarterly call observation date
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| Initial level: | $257.30
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| Coupon barrier/buffer level: | $205.84; 80% of initial levels
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| Agent: | Credit Suisse Securities (USA) LLC
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| Pricing date: | March 16
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| Settlement date: | March 23
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| Fees: | 1.25%
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| Cusip: | 22550MZM4
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